WASHINGTON, DC – Hedin House Apartments, a 48-unit affordable housing community located in Washington, D.C., was bought by Security Properties in partnership with Housing Up Development, a local non-profit, for $3,300,000. This marks the second affordable housing acquisition by Security Properties and Housing Up Development in the District of Columbia this year. In February, the duo bought Glenn Arms, a 55-unit historic multifamily community located in the Adams Morgan neighborhood for $8,800,000.

Hedin House, a 5-tale mid-rise, was constructed in 1956 and renovated in 1973. It boasts 8,401 square feet of ground floor retail currently occupied by Seabury Resources, a local non-profit. The property houses senior and disabled residents with all units being income-restricted at 60% of Area Median Income (AMI). A Section 8 HAP Contract provides another layer of subsidy for 70% of project units. Affordability covenants have been extended for a 40-year term as part of the preservation transaction.

Hedin House was bought using 9% Low-Income Housing Tax Credit (LIHTC) equity, a low-interest loan from the District’s Housing Production Trust Fund, and a Construction-to-Permanent loan from Citi Community Capital. $8 million of tax credit equity was provided by R4 Capital, a New York based private capital syndicator. Over the next 12 months, the property will undergo a $115,000/unit renovation to modernize all major building systems and to enhance the aesthetic appeal and functionality of both residential units and common areas. A new community space and computer room will be added for resident use. Other improvements include all new kitchens and baths, new appliances, substantial electrical, plumbing and HVAC improvements, new flooring throughout, a new green roof, ADA accessibility enhancements, and new windows throughout. “We anticipate a dramatic transformation at Hedin House,” indicates Jeff Garrison, Director of Affordable Housing at Security Properties. “We have worked closely with the Hedin House resident community from the outset of this project and we look forward to delivering a final product that will exceed expectations for years to come.”

Glenn Arms is located in the vibrant and rapidly-growing neighborhood of Adams Morgan in northwest Washington, D.C. The site has two residential buildings constructed in 1910 and 1916 respectively. It is currently undergoing a 10-month rehabilitation at $100,000/unit that will modernize unit interiors and common areas, update all major building systems, and provide two additional units and a new community room. Upon completion, Glenn Arms will be ADA-compliant, and include a host of energy efficiency upgrades. All of this renovation work will be done while maintaining the historical integrity of the structure, and, going forward, Glenn Arms will be included on the National Historic Registry.   

Funding sources for Glenn Arms include 9% LIHTC equity, Historic Tax Credit equity from the National Parks Service, a low-interest loan from the District’s Housing Production Trust Fund, and a Citi Community Capital Construction-to-Perm Loan. The tax credit investor is R4 Capital who provided over $10.5 million of equity. “The Glenn Arms project offers us a unique opportunity to preserve part of D.C.’s historic fabric while extending rental affordability. There are few locations where the need for quality affordable housing is as fantastic as it is in the D.C. metro area,” said Bryon Gongaware, Managing Director of Affordable Housing at Security Properties.

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SAN MARCOS, TX – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced the opening of The Local Downtown, a pedestrian-to-campus student housing community serving Texas State University in San Marcos. Including this development, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments in 2017.

The Local Downtown, a mid-rise community pedestrian to Texas State University, has 304 beds in floorplans ranging from studios to 4-bedrooms. Community amenities include a swimming pool, clubhouse, game room, media room, fitness center with saunas, structured parking and robust internet and Wi-fi throughout the building.

“With its pedestrian to campus location and amenity offering, The Local is one of the premiere living destinations in the San Marcos market,” EdR CEO Randy Churchey said. “Texas State is a growing university and a market with tremendous opportunity.”

Established in 1899, Texas State University is the fifth-largest university in the state with an enrollment of nearly 39,000 students and has experienced 19 consecutive years of enrollment growth as of the Fall 2016 semester. Designated an Emerging Research University by the State of Texas, Texas State is classified under “Doctoral Universities Higher Research Activity,” the second-highest designation for research institutions under the Carnegie classification system.

EdR is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 82 communities with more than 43,200 beds serving 52 universities in 25 states.

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BLOOMINGTON, IN – CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Regency Consolidated Residential today announced the start of construction on Evolve Bloomington, a mixed-use residential and retail complex at 1425 Dunn St. in Bloomington, Ind. Located across the street from Indiana University’s Memorial Stadium, the 751-bed community will include 8,200 square feet of retail and is scheduled to deliver in summer 2018. Pre-leasing is slated to start in fall 2017.

“Evolve Bloomington will completely transform this near-campus stadium neighborhood by replacing outdated low-rise apartments with a contemporary mixed-use community,” said JJ Smith, president of CA Student Living. “The development’s mix of modern apartments, on-site retail and abundant amenities, including a full-sized indoor basketball court, will establish Evolve Bloomington as an upscale neighborhood-within-a-neighborhood, within walking distance of the IU campus and well loved attractions nearby.”

When complete, Evolve Bloomington will feature seven buildings: a five-tale main building with 183 apartments, an expansive outdoor courtyard and 2,800 square feet of street-level retail fronting 18th Street; a second five-tale building with 72 apartments wrapped around a shared parking deck; a three-tale building with eight residences and 5,000 square feet of ground-floor retail fronting Dunn Street; and four three-tale townhome buildings with three to five residences per building.

“We envision retail options that will offer convenience for students, visitors and residents,” said Smith. “There has been preliminary interest from quick-casual dining establishments and we’d like to see a small-format grocer anchor the complex.”

In total, Evolve Bloomington will include 279 pet-friendly units in a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,700 square feet. Each apartment will be fully furnished with designer furniture and feature a modern kitchen with stainless steel appliances, European-style cabinetry and stone countertops; a 50-inch smart TV in the living room; and contemporary lighting. Penthouses include under-cabinet lighting and tile backsplashes in kitchens; 55-inch smart TVs in living rooms, with additional TVs in bedrooms; and Kohler Moxie rain showerheads in bathrooms.

The 16 townhome residences offer the same level of condo-quality finishes as the apartments while giving residents added privacy within the overall community. Each townhome features an oversized living room on the first floor and two bedrooms on each of the two upper floors – all with private bathrooms. In addition to offering seclusion from the adjacent buildings in the development, the townhome component also allows for a more seamless transition to the less-dense neighborhood to the north.      

A 32,000-square-foot courtyard adjacent to the main building will offer numerous spaces for socializing, including an outdoor pool with hot tub and cabana; a jumbotron for sporting events and movie nights; a paddle tennis court; and grilling and fire pit areas. The main building will also include a full-court indoor basketball court with an adjacent glass-walled game-day lobby that will serve as a multipurpose amenity space for watching televised games or taking in live action on the adjacent court. Other amenities in the main building will include a coffee bar, game room, social lounge with kitchenette and snack bar, study lounge, fitness room, yoga studio, dedicated dog run, and a spa with sauna and tanning. In addition, private study pods will be located throughout the community.

Students at Evolve Bloomington will also have access to CA Student Living programming, designed to enhance study habits, encourage prudent financial plotting and help in attaining career goals.

“Evolve Bloomington will give students at IU what students nationwide demand: proximity to campus and fully furnished apartments with private bathrooms and finishes similar to those found in luxury market-rate rentals,” said Smith. “It also checks off all the wish-list items to enhance the college experience, including resort-level amenities where students can study, relax and build lifelong friendships.”

Atlanta-based Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor.            

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